INVESTMENT MANAGEMENT

Cambria Shareholder Yield ETF (SYLD)
Summary Prospectus
September 1, 2024
Listed on CBOE BZX Exchange, Inc.
Before you invest, you may want to review the Fund’s Prospectus, which contains more information about the Fund and its
risks. You can find the Fund’s Prospectus, Statement of Additional Information, shareholder reports, and other information
about the Fund online at www.cambriafunds.com/syld. You can also get this information at no cost by calling 855-ETF-INFO(383-4636) or by sending an e-mail request to info@cambriafunds.com. The Fund’s Prospectus and Statement of Additional
Information, dated September 1, 2024, as each may be further amended or supplemented, are incorporated by reference into
this Summary Prospectus.

FUND SUMMARY
Cambria Shareholder Yield ETF
Investment Objective
The Fund seeks income and capital appreciation.

Fees and Expenses
This table describes the fees and expenses that you may pay if you buy, hold and sell Shares. You may pay other fees, suchas brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example
below.

Annual Fund Operating Expenses (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE OF THE
VALUE OF YOUR INVESTMENT)Management Fee*:�������������������������������������������������������������������������������������������������������������������������������������������������������
Distribution and/or Service (12b-1) Fees:��������������������������������������������������������������������������������������������������������������������
Other Expenses:�����������������������������������������������������������������������������������������������������������������������������������������������������������
Total Annual Fund Operating Expenses:���������������������������������������������������������������������������������������������������������������������
*

0.59%
0.00%
0.00%
0.59%

Pursuant to the Fund’s investment advisory agreement, the Fund pays the Adviser (defined below) a unitary management
fee. The Adviser, in turn, bears all of the Fund’s expenses, except for the management fee, payments under the Fund’s
12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend
expenses on securities sold short), litigation expense and other extraordinary expenses (including litigation to which
Cambria ETF Trust or the Fund may be a party and indemnification of the Trustees and officers with respect thereto).

ExampleThe following example is intended to help you compare the cost of investing in the Fund with the cost of investing in otherfunds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of yourShares at the end of those periods. The example also assumes that the Fund provides a return of 5% a year and that operating
expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and salesof Shares. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
One Year:Three Years:

Five Years:

Ten Years:

$60

$189

$329

$738

Portfolio Turnover
The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held
in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect theFund’s performance. For the fiscal year ended April 30, 2024, the Fund’s portfolio turnover rate was 50% of the average valueof its portfolio.

1Principal Investment Strategies
The Fund is actively managed and seeks to achieve its investment objective by investing, under normal market conditions,at least 80% of its total assets in equity securities, including common stock, issued by U.S.-based publicly listed companies
that provide high “shareholder yield.” The Fund’s investment adviser, Cambria Investment Management, L.P. (“Cambria” or
the “Adviser”), defines “shareholder yield” as the totality of returns realized by an investor from a company’s cash payments
for dividends, buybacks and debt paydowns. For the purposes of this strategy, Cambria calculates a company’s shareholder
yield by considering the following characteristics: (i) dividend payments to shareholders, (ii) return of capital in the formof share buybacks (i.e., a company’s repurchase of its own shares from the marketplace, which, in turn, reduces the numberof outstanding shares for continuing shareholders or generates proceeds for existing shareholders), and (iii) paydown of acompany’s debt (i.e., reducing a company’s outstanding debt). Cambria believes that, while any one of these measures of acompany’s cash flows, in isolation, is inadequate to determine the attractiveness of its equity securities, considered together
these measures have the potential to result in the construction of a portfolio of companies with higher potential for income andcapital appreciation.
Utilizing its own quantitative model, Cambria selects the top 20% of stocks in the initial universe of U.S.-based, publicly listedcompanies based on their shareholder yield, as measured by dividend payments and net share buybacks. Cambria considers an
issuer to be U.S.-based if it is domiciled, incorporated or has substantial business activity in the United States and the primaryequity security of such issuer is listed on a major U.S. stock exchange.
Cambria’s quantitative algorithm then factors in the remaining stocks’ debt paydowns and applies a number of value metrics
to create a composite, including metrics such as, but not limited to, price-to-book (P/B) ratio, price-to-sales (P/S) ratio,
price-to-earnings (P/E) ratio, price-to-free cash-flow (P/FCF or P/CF) ratio, and enterprise multiple (EV/EBITDA). Cambria
then selects the top 100 stocks for inclusion in the Fund’s portfolio that exhibit, in the aggregate, the best combination ofshareholder yield characteristics and value metrics. Although Cambria seeks to weight these stocks equally in the Fund’s
portfolio, security weights may fluctuate in response to market conditions and investment opportunities.
Although the Fund generally expects to invest in companies with larger market capitalizations, the Fund may invest in smalland mid-capitalization companies. As of August 1, 2024, the Fund had significant investment exposure to companies in theenergy, materials, financials, and consumer discretionary sectors; however, the Fund’s sector exposure may change from time
to time.
The Fund may sell a security when Cambria believes that the security is overvalued or better investment opportunities areavailable, to invest in cash and cash equivalents, or to meet redemptions. Cambria expects to adjust the Fund’s holdings
periodically to meet the investment criteria and target allocations (e.g., security weights) established by the Fund’s quantitativealgorithm.

Principal Risks
An investment in the Fund involves risk. Each risk summarized below is considered a “principal risk” of investing in the Fund,regardless of the order in which it appears. The Fund’s principal risks are presented in alphabetical order to facilitate investors’ability to identify particular risks and compare them with the risks of other funds. Some or all of these risks may adversely
affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return, and/or ability to meet its objective. Thereis no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. For
more information about the risks of investing in the Fund, see the sections titled “Additional Information About the Funds’
Risks” and “Additional Non-Principal Risk Information.”
Buyback Risk. When a company repurchases its shares from the marketplace through share buybacks, investors may perceive
this action to be a reflection of management’s belief that company shares are undervalued, but there is no guarantee that theprice of a company’s stock will increase after the company announces a buyback. Accordingly, share buybacks may not be an
accurate predictor of a company’s value or future share performance.
Cyber Security Risk. The Fund, and its service providers, may be susceptible to operational and information security risks
resulting from a breach in cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional,
may adversely impact the Fund in many ways, including, but not limited to, disruption of the Fund’s operational capacity, lossof proprietary information, theft or corruption of data, denial-of-service attacks on websites or network resources, and the2unauthorized release of confidential information. Cyber-attacks affecting the Fund’s third-party service providers, including
Cambria, the sub-adviser, the custodian, and the transfer agent, market makers, Authorized Participants, or the issuers of
securities in which the Fund invests may subject the Fund to many of the same risks associated with direct cyber security
breaches.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing
these companies to underperform companies that do not pay high dividends. Also, changes in the dividend policies of companies
owned by the Fund and the capital resources available for these companies’ dividend payments may adversely affect the Fund.
Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity
securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity
securities could decline generally or could underperform other investments due to factors affecting a specific issuer, market
or securities markets generally.
ETF Structure Risk. The Fund is an ETF, and, as a result of an ETF’s structure, it is exposed to the following risks:
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fund has a limited
number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number ofmarket makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares
may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business orotherwise become unable to process creation and/or redemption orders and no other Authorized Participants step
forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Premium-Discount Risk. Shares may trade above (premium) or below (discount) their NAV. The market prices ofShares will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for,
Shares on the Exchange. This risk is heightened in times of market volatility or periods of steep market declines.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating
liquidity in the markets for the Fund’s underlying portfolio holdings, and this could lead to differences between themarket price of the Shares and the underlying value of those Shares.
Secondary Market Trading Risk. Investors buying or selling Shares in the secondary market may pay brokeragecommissions or other charges, which may be a significant proportional cost for investors seeking to buy or sellrelatively small amounts of Shares. In addition, secondary market investors will also incur a bid/ask spread, which
varies over time for Shares based on trading volume and market liquidity and is generally higher if Shares have little
trading volume and market liquidity. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In stressed market conditions, the liquidityof Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly
less liquid than Shares. In addition, trading in Shares on the Exchange may be halted.
Investment Risk. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. When you sell your Shares, they could be worth less than what you
paid for them.
Large Capitalization Company Risk. The Fund’s investments in large capitalization companies may underperform othersegments of the market because they may be less responsive to competitive challenges and opportunities and unable to attainhigh growth rates during periods of economic expansion.
Management Risk. The Fund is actively managed using a model-based approach, and the Adviser selects Fund investments
on a periodic basis using a proprietary quantitative algorithm developed by the Adviser for the Fund. There can be no guaranteethat these strategies and processes, or the Adviser’s quantitative model, will be effective or successful investment management
techniques or that the Adviser’s judgments about the attractiveness, value and potential appreciation of particular Fundinvestments will be correct even if the Adviser’s overall investment strategies and processes are otherwise effective. Further,
there is no guarantee that the Fund will achieve its investment objective.

3Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain
economic or political events, including global events such as war, acts of terrorism or a public health crisis, may negatively
affect issuers, which could have an adverse effect on certain Fund holdings. In addition, there is a risk that policy changes by
the U.S. Government, Federal Reserve and/or other government actors, such as the recent increases in interest rates, could
cause increased volatility in financial markets and higher levels of Fund redemptions, which could have a negative impact on
certain Fund holdings.
Quantitative Security Selection Risk. Cambria uses quantitative techniques to generate investment decisions and selectstocks, and the Fund may not perform as intended if it relies on erroneous or outdated data from one or more third parties.
Errors in data used in the quantitative model may occur from time to time and may not be identified and/or corrected before
having an adverse impact on the Fund and its shareholders.
Sector Risk. To the extent that the Fund invests a significant portion of its assets in a particular sector, the Fund may besusceptible to loss due to adverse occurrences affecting that sector.
Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tiedclosely to the performance of their local economy, the international economy, interest rates, competitive andconsumer confidence. Success depends heavily on disposable household income and consumer spending. Changes
in demographics and consumer tastes can also affect the demand for, and success of, consumer products in themarketplace.
Energy Sector Risk. The energy sector includes, for example, oil, gas, and consumable fuel companies. Energy
companies can be substantially impacted by, among other things, the volatility of oil prices, worldwide supply anddemand, worldwide economic growth, and political instability in oil or gas producing regions such as the Middle Eastand Eastern Europe.
Financials Sector Risk. Performance of companies in the Financials sector may be adversely impacted by manyfactors, including, among others, government regulations, economic conditions, credit rating downgrades, changes
in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent
past, and the impact of more stringent capital requirements and of recent or future regulation on any individual
financial company or on the sector as a whole cannot be predicted.
Materials Sector Risk. Issuers in the materials sector may be adversely affected by commodity price volatility,
exchange rates, import controls, increased competition, depletion of resources, technical progress, labor relations
and government regulations, among other factors. Issuers in the materials sector may be liable for environmental
damage and product liability claims. Production of materials may exceed demand as a result of market imbalances or
economic downturns, leading to poor investment returns.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies
involves greater risk than customarily is associated with investing in larger, more established companies. These companies’
securities may be more volatile and less liquid than those of more established companies, and they may be more sensitive tomarket conditions.
Value Investment Risk. The Fund considers certain value metrics when selecting stocks for inclusion in its portfolio and, asa result, the Fund may underperform when the market favors stocks with growth characteristics or a non-value investment
approach. Value investments are subject to the risk that their intrinsic value may never be realized by the market.

4Performance
The following bar chart and table indicate the risks of investing in the Fund by showing how the Fund’s average annual total
returns compare with those of the S&P 500 Index, which is a relevant broad-based securities market index that provides ameasure of the performance of the overall domestic equity market. Performance is also shown for an additional index, the S&P
Composite 1500 Index, which represents a broad measure of the U.S. equity market. All returns include the reinvestment ofdividends and distributions. As always, please note that the Fund’s past performance (before and after taxes) does not necessarily
indicate how the Fund will perform in the future. Updated performance information is available at www.cambriafunds.com.
The Fund’s investment objective and strategies changed effective June 1, 2020. From March 26, 2018 to May 31, 2020, Fundperformance reflects the investment objective of the Fund when it sought investment results that corresponded (before feesand expenses) generally to the price and yield performance of the Cambria Shareholder Yield Index. Prior to that period,
Fund performance reflects the investment objective of the Fund when it was actively managed and sought income and capital
appreciation with an emphasis on income from investments in the U.S. equity market.
Total Annual Returns for Calendar Year Ended December 31
55%
50%
47.89%
45%
40%
35%
30%
26.90%
25%
19.74%
20%
16.47%
15.26%
15%
13.51%
11.08%
10%
5%
0%-1.25%-5%-5.91%-10%-15%-13.36%
-20%
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023

As of June 30, 2024, the Fund’s year-to-date total return was 2.46%.
Best and Worst Quarter Returns (for the period reflected in the bar chart above)
Best: 34.07%, for the quarter ended March 31, 2021.
Worst: -36.94%, for the quarter ended March 31, 2020.
Average Annual Total Returns for the period ending December 31, 2023

Cambria Shareholder Yield ETF

1 Year

5 Year10 Year

Return Before Taxes�����������������������������������������������������������������������������������
Return After Taxes on Distributions����������������������������������������������������������
Return After Taxes on Distributions and Sale of Fund Shares�������������������
S&P 500 Index (Reflects no deduction for fees, expenses or taxes)���������
S&P Composite 1500 TR Index (Reflects no deduction for fees,
expenses or taxes)����������������������������������������������������������������������������������

16.47%
15.83%
10.04%
26.29%

18.48%
17.82%
14.88%
15.69%

11.84%
11.03%
  9.52%12.03%

25.47%

15.39%

11.76%

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Average annual total returns are shown on a before- and after-tax basis for the Fund. After-tax returns are calculated using thehistorical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not
relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.

Investment Advisers
Cambria Investment Management, L.P. serves as the investment adviser to the Fund. Tidal Investments LLC serves as the
sub-adviser (the “Sub-Adviser”) to the Fund.

Portfolio Managers
Mebane T. Faber, Chief Investment Officer of Cambria, and Jonathan Keetz, Chief Operating Officer of Cambria, are theportfolio managers for the Fund. Mr. Faber has managed the Fund since its inception in May 2013, and Mr. Keetz has managed
the Fund since September 1, 2024.

Purchase and Sale of Fund Shares
Individual Shares are listed on a national securities exchange and may only be purchased and sold in the secondary market
through a broker-dealer at a market price. Because Shares trade at market prices rather than NAV, Shares may trade at a
price greater than NAV (at a “premium”) or less than NAV (at a “discount”). An investor may incur costs attributable to thedifference between the highest price a buyer is willing to pay to purchase Shares (bid) and the lowest price a seller is willingto accept for Shares (ask) when buying and selling Shares in the secondary market (the “bid/ask spread”). Recent information
regarding the Fund, including its NAV, market price, premiums and discounts, and bid/ask spreads, is available on the Fund’s
website at http://www.cambriafunds.com/syld.

Tax Information
Distributions you receive from the Fund are generally taxable to you as ordinary income for federal income tax purposes,
except that distributions will be taxed to you at long-term capital gain rates to the extent reported by the Fund as “capitalgain dividends” or “qualified dividend income,” and may also be subject to state or local taxes. Fund distributions may not betaxable to you if you are investing through a tax-advantaged retirement plan account or are a tax-exempt investor, although you
may be taxed on withdrawals from your tax-advantaged account.

Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase Shares through a broker-dealer or other financial intermediary, the Fund and its related companies may pay
the intermediary for the sale of Shares and related services. These payments may create a conflict of interest by influencing thebroker-dealer or other intermediary and your salesperson to recommend Shares over another investment. Ask your salesperson
or visit your financial intermediary’s website for more information.

CIM-SYLD-SMP-0924

6